An option is a contract giving the right, but not the obligation, to buy or sell an asset at a set price before or at expiry. Options concentrate economic exposure at specific strike prices and expiry dates, which creates manipulation targets.
instruments and markets · updated 2026-09-08
Where does option come up?
This term is used in the following manipulation techniques, each explained in full on
its own page.
Options expiry pinning— Options expiry pinning is trading to hold a share price at or across an option strike at expiry, exploiting the fact that a few cents of movement decides whether large positions pay out or expire worthless.
See also
Strike price— The strike price is the price at which an option may be exercised. Large open interest at a strike gives someone a concrete financ…
Pinning— Pinning is the tendency of a stock to close near a heavily traded option strike at expiry, produced by hedging flows. Ordinary pin…